Charter Hall Earnings: Funds Under Management Growth Resumes

Charter Hall reported half-year earnings slightly better than we forecast, with operating earnings per share of AUD 41.5 cents per security. The main surprise is the resumption of growth in funds under management. We lift our fiscal 2025 operating EPS forecast by 3% to AUD 81 cents per security, in line with the upgraded guidance. This represents 7% growth on last year’s operating earnings, compared with our prior expectation of 4%. Our estimated distributions remain AUD 47.8 cents per security, up 6% from last year on a 59% payout ratio.